While United Kingdom has voted to leave the European Union, the term Brexit looks like an inevitability. A referendum took place on Thursday, June 23, wherein all the people of England voted in favor of Brexit. Brexit is shorthand for Britain Exit from the European Union (Br-Britain and Exit). The option of leaving the European Union won over still being a part of it by 4%. From what we can understand, Brexit might just have a huge impact on the economy of Europe and many other nations.
The referendum was taken on by approximately 30 million individuals with the right to vote. This amounts to about 71% of the population of the nation. Of the individuals who voted 52% voted to leave the European Union, while 42% still wanted to be a part of it. Wale also decided in favor of leaving the European Union, along with England with a vote ration of 52.5% to 47.5%. On the other hand, Scotland and Northern Ireland have decided to stay back with more that 55% of the individuals voting in favor of staying.
Brexit impact on European Union
European Union is an economic and political partnership of the countries of Europe. The Countries in EU have a common market place thus allowing growth for all the nations as one. Considering the fact that Euro is the currency used all along the countries in EU, it has become a single market for goods and people to move around at ease. With Britain’s exit from the European Union, the economically lower nations might just land up with some serious issues.
The impact of Brexit on the United Kingdom and the other countries in EU will depend on what kind of deal that is signed. For example, if Britain and EU strike a deal to keep in a single market, people will enjoy the freedom of movement. But in case, things turn south, people might just need visa and work permits to move around and work in European Union Countries.
There are more complications in hand for Scotland and Northern Ireland. Scotland, who has voted against leaving the European Union, will be forced to leave. This will be against the votes that the people of Scotland have casted. This might just as well bring forward the idea of the Second Independence referendum in this regard. As for Northern Ireland, following Brexit, we might just see the unification of the whole island of Ireland.
Apart from this there are many ramifications that Brexit will have. It is likely to have impact of students studying in various European Nations from all over the world. Most importantly, this could very well break down the economy of many European Nations as Britain was one of the major players.